Milestone Advisory Client Approaching Retirement

The Goal

David O’Connor* had pension benefits built up from different periods of service with employers within the construction sector. At his initial meeting with Milestone Advisory, we established that his goal was to get a clear view of his financial situation and in particular his various pension assets, and to then decide on a plan for his retirement.

The Process

Milestone Advisory assisted David in gathering all of the relevant data to make an informed retirement plan. We established his income requirements in retirement and laid out the various options he had with his funds.

The Result

David was eligible to make a last minute AVC to maximise tax efficiencies. He also phased the drawdown of his retirement assets over the course of 18 months to meet his income needs, as he gradually transitioned from work into retirement. While David was unsure whether an annuity or Approved Retirement Fund (ARF) was his best option, Milestone Advisory laid out a clear and concise post-retirement plan. This enabled him to decide with confidence that the ARF route was the optimal solution for him. Knowing that Milestone Advisory review this option with him on an ongoing basis gives David peace of mind that he can live the life that he wants and will never run out of money. He also has a clear strategy in place to transfer his wealth to his family in a tax efficient way.

*Client name changed for confidentiality

Milestone Advisory Protection Client

James* and Karen* met with Milestone Advisory as they had seen an ad for Protection Benefits, but did not know what they needed. At their initial meeting with Milestone Advisory, we clarified that they only had mortgage protection in place. James & Karen are both members of their company pension schemes. They were due their second child in a few months and were concerned about the future.

Process

Milestone Advisory carried out an analysis of the income and expenditure of James and Karen and identified the risks to their financial future of their children’s future and one or both became ill or even died. We quantified the levels of replacement income and/or lump sums required in various scenarios. We were then able to quantify what they could afford from their income to put cover in place.

Result

Having taken into account all of the relevant data, Milestone Advisory were able to recommend the top level of cover that the family needed. This included Income Protection for each, a Dual Life Convertible Term life cover and some Specified Illness Cover. The cost of all of this cover was more than they were currently willing to spend, and so they did not opt for the Specified Illness Cover. As Milestone Advisory has agency across the Life Assurance market, we were able to ensure that James and Karen got the best value for their money and the providers with the most suitable terms. James and Karen will meet with Milestone Advisory on an ongoing basis –to ensure their levels of protection continue to make sense in relation to any changes in their family circumstances.